Minutes of the Special Meeting of the University of Louisville
Athletic Association Board of Directors

November 29, 2006

In Open Session

Member of the University of Louisville Athletic Association Board of Directors met at 1:30 p.m. on November 29, 2006, in the Jefferson Room of Grawemeyer Hall, with members present and absent as follows:

Present:            Dr. James Ramsey, Chair  
Mr. Bob Benson  
Prof. Tom Byers                                                                                    
Mr. Brent Fryrear
Dr. Henry S. Enck                                                                     
Mr. Gordon Gahm                                           
Prof. Brenda Hart                                                          
Dr. J. Blaine Hudson 
Prof Bruce Kemelgor
Mr. Tom Jurich, ex officio
Prof. Melissa Laning   
Mr. Darrell Messer   
Mr. Larry Owsley
Prof. Craig Roberts
Prof. Robert Stenger
Prof. Gerald Tolson 
Prof. Elaine Wise  

Absent:             Mr. Zach Brooks
                        Mr. Burt Deutsch
                        Mr. Owsley Frazier
                        Mr. Grant Helman
                        Mr. Wade Houston
                        Mr. Harry Jones
                        Prof. George Raque
                        Mr. Sam Rechter                                                                                 
                        Mrs. Annette Schnatter
                        Mr. Mike Seebert
                        Dr. Shirley Willihnganz

Also
Attending :       Mr. Bill Stone, Trustee
                                                             
From the
University:        Ms. Angela D. Koshewa
Mr. Mike Curtin
Mr. Keith Inman
Mr. Kevin Miller
Mr. Marvin Mitchell                             
Mr. Gary Friedman    
Mr. Kenny Klein
Mr. Kyle Moats
Mr. Terry Veleta
Ms. Alicia Clark          
Ms. Kathleen Smith                             
Ms. Debbie Dougherty

I.          Convene Meeting

Having determined a quorum present, Chair Ramsey called the meeting to order at 1:30 p.m.  

II.         Consent Agenda

• Technical Adjustment to Minutes, Special Meeting 8/22/06
• Approval of Minutes, 10/05/06

Chair Ramsey read the roll of consent agenda items.  Hearing no objection, Prof. Tolson made a motion, which Mr. Benson seconded, to approve the agenda.  The motion passed unanimously.

III.       Action Item:  Authorization to Proceed with Papa John’s Cardinal Stadium
            Expansion        

Mr. Jurich briefed the Board concerning the proposed expansion, noting the Request for Proposal for architects will go out December 1, 2006.  Mr. Miller stated the University hoped to award a contract by February 1, 2007.   The architects will need approximately 8-9 months to prepare construction documents. In January, 2008 the University wanted to award the construction contract.  The University projected a completion date of August, 2009.  In response to Mr. Jurich’s proposed fundraising, Prof. Kemelgor inquired about the use of Hickman-Camp funds.  Mr. Miller explained the book value of funds held by the UL Foundation totaled $23.6 million as of August 31, 2006.  It will be a contingency plan.  Fundraising may cancel out a need to withdraw funds from the Hickman-Camp Fund.  The plan and design phase process will take approximately 11 months.  Mr. Jurich will brief the Board regularly on progress during the plan and design phase and return to the Board when ready to discuss the construction phase.  Mr. Benson made a motion, which Prof. Kemelgor seconded, to approve the

The Athletic Director’s recommendation that the Board of Directors authorize the President or his designee to contract for architectural services related to the stadium expansion project and to take any future action required to complete the plan and design phase of this project;  and

The Athletic Director’s recommendation the liquidation of Hickman-Camp Funds (Quasi-Endowment) to expedite the plan and design phase of the stadium expansion project to assure its completion by Fall 2009.  Fundraising, marketing, seat and suite sales will replenish the advances from the Hickman-Camp Endowment.

The motion passed unanimously.

IV.       Action Item:  Approval of Field Hockey Project

Mr. Jurich reported while soliciting gifts toward the Field Hockey Project, the Athletic Department received two major pledges of cash and real estate covering the expense.  One pledge remains pending approval, but will be confirmed prior to moving forward.  Mr. Miller noted that during the construction of Papa Johns Cardinal Stadium, the University used Hickman-Camp Funds as an advance for construction and these funds were subsequently replenished through fundraising, marketing, seat sales, etc.  A similar procedure is proposed for the field hockey project.  Prof. Wise made a motion, which Dean Hudson seconded, to approve the

Athletic Director’s recommendation that the Board of Directors authorize the liquidation of $3.2 Million from Hickman-Camp Funds (Quasi-Endowment) to be used toward construction of the Field Hockey Project and contingent upon receipt of replacement gifts.

The motion passed unanimously.

V.        Adjournment

Mr. Gahm made a motion, which Prof. Byers seconded, to adjourn the meeting at
            1:45 p.m.  The motion passed unanimously.